How does the LRA decide where to undertake a redevelopment project?
The LRA can only undertake a redevelopment project within an established Reinvestment Area. When an area is created, a redevelopment plan outlines the purpose of the area and the tools that may be used. The LRA establishes projects where the tools available can effectively be used to meet the goals of the area – for example, improving commercial viability and public amenities in a distressed area. The LRA only uses its tools where market forces alone are unable to bring about quality redevelopment. The LRA typically partners with private developers who can share the costs of reinvestment.
